Benzinga - by Avi Kapoor, Benzinga Staff Writer.
D.R. Horton, Inc. (NYSE:DHI) reported better-than-expected second-quarter financial results on Thursday.
D.R. Horton posted GAAP EPS of $3.52, topping market estimates of $3.07. The company’s sales came in at $9.100 billion versus expectations of $8.266 billion, according to data from Benzinga Pro.
D.R. Horton had 45,000 homes in inventory, of which 27,600 were unsold as of March 31, 2024.
D.R. Horton updated FY24 outlook for revenue to $36.7 billion to $37.7 billion (prior view $36 billion-$37.3 billion) vs. the consensus of $36.32 billion. It now expects Homes closed to be 89,000 homes to 91,000 homes (prior view 87,000 homes-90,000 homes). DHI reiterated cash provided by operations guidance of around $3 billion and currently expects share repurchases of ~$1.6 billion.
Donald R. Horton, Chairman of the Board, said, “The D.R. Horton team delivered solid results in the second fiscal quarter of 2024, highlighted by earnings of $3.52 per diluted share. Consolidated pre-tax income increased 23% to $1.5 billion on a 14% increase in revenues to $9.1 billion, with a pre-tax profit margin of 16.8%.”
D.R. Horton shares rose 0.1% to close at $145.88 on Thursday.
These analysts made changes to their price targets on D.R. Horton following earnings announcement.
- UBS raised the price target on D.R. Horton from $192 to $200. UBS analyst John Lovallo maintained a Buy rating.
- Barclays cut the price target on D.R. Horton from $186 to $176. Barclays analyst Matthew Bouley maintained an Overweight rating.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.